The Commodity Futures Trading Commission (CFTC) is filing a motion to close Kalshi’s election betting markets after the company secured a legal victory against the regulator.
According to new court documents, the CFTC is to ask a US court for an emergency stay of a judge’s recent decision to overturn the regulatory agency’s order barring Kalshi from offering election betting contracts.
The CFTC says that without the court’s reasoning, it would not be able to decide whether to appeal.
Bloomberg reported earlier this week that there is a judge ruled in Kalshi’s favor, allowing the company to move forward with its plan to allow users to bet on the results of the upcoming 2024 presidential election.
However, the CFTC says its request for a delay should be granted as soon as possible as Kalshi plans to go live with her election betting as early as this week.
“Time is of the essence when granting a stay. The CFTC expects that plaintiff Kalshi will immediately list the relevant election contracts and that trading will commence once the contracts are listed. Plaintiff has already announced on its homepage that ‘Election Markets are coming to Kalshi!…’
This means that if Kalshi self-certifies the contracts before 8:15 a.m. on Monday, September 9, if there is no delay, it could be listed as early as Tuesday morning.”
In a recent post on social media platform X, crypto attorney Jake Chervinsky says called The judge’s earlier ruling was a “huge victory” for Kalshi, saying that filing lawsuits against regulators who overstep their bounds is a viable tactic to counter them.
“Big win for Kalshi against the CFTC. I want to see the opinion before I start dancing on the grave of the administrative state, but this is more evidence that filing more lawsuits is the best way to deal with regulatory overreach.”
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